/raid1/www/Hosts/bankrupt/TCRLA_Public/140610.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, June 10, 2014, Vol. 15, No. 113
Headlines
A R G E N T I N A
ARGENTINA: Moody's Affirms Global Scale Debt Ratings on Provinces
ARGENTINA: IMF Executive Board Gives Statement on Country
EMPRESA PROVINCIAL: Moody's Raises Corp. Family Rating to Ba1.ar
FIDEICOMISO FINANCIERO: Moody's Ups Nat'l Scale Rating to B3.ar
MASTELLONE HERMANOS: Fitch Assigns 'B-' IDR; Outlook Negative
METROPOLIS COMPANIA: Moody's Withdraws All Ratings
ZUCAMOR S.A.: Moody's Ups Corporate Family Rating to Baa3.ar
B A R B A D O S
CIBC FIRST CARIBBEAN: Defends Closure of Bank Branches
BARBADOS: IMF Concludes Staff Visit to Country
C A Y M A N I S L A N D S
ADDED ALPHA: Creditors' Proofs of Debt Due June 23
AMETHYST LIMITED: Creditors' Proofs of Debt Due July 1
CAPRICORN CURRENCY: Commences Liquidation Proceedings
CCBI GROWTH: Commences Liquidation Proceedings
CLOVER INVESTMENT: Commences Liquidation Proceedings
HOTSPUR INVESTMENTS: Creditors' Proofs of Debt Due July 1
HURLSTONE GENERAL: Court Appoints Pearson & Childe as Liquidators
MB ASIA: Court Enters Wind-Up Order
MJC FINANCE: Creditors' Proofs of Debt Due July 2
OYSTER POINT: Creditors' Proofs of Debt Due July 2
D O M I N I C A N R E P U B L I C
DOMINICAN REP: To Get $78MM-IDB Loan to Modernize Electricity Grid
J A M A I C A
JAMAICA: Slips to Third Place in Regional Sugar Production
JAMAICA: Moody's says Debt Reduction on Track but Recovery Fragile
M E X I C O
COLIMA: Moody's Affirms Ba2/A2.mx Issuer Ratings; Outlook Neg.
MANZANILLO: Moody's Lowers Rating to B1/Baa2.mx; Outlook Negative
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
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A R G E N T I N A
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ARGENTINA: Moody's Affirms Global Scale Debt Ratings on Provinces
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo affirmed
the global scale issuer and debt ratings of all Moody's-rated
Argentine provinces and municipalities. At the same time, Moody's
positioned the national scale ratings of these issuers and their
debts on the revised national scale that Moody's applies to
Argentine issuers. The global and national scale rating outlooks
for all Argentine sub-sovereigns remain stable.
The recalibrated national scale ratings do not signify a change in
credit quality, since the global scale ratings (GSRs) for these
issuers are unchanged. Rather, the new map associates higher NSRs
for the same global scale rating than did the previous map. In
releasing these NSRs, the credit rating agency reiterated its view
that all the issuers and securities Moody's rates in Argentina
have elevated default risk, as indicated by their deeply
speculative grade global scale ratings. As noted by Gersan Zurita,
Moody's Group Credit Officer for Latin America, "the NSRs do not
suggest that these issuers and their securities credit risks are
in any way less risky than indicated by their GSRs; rather the
NSRs simply make additional rating categories available for use by
Moody's to provide greater rating distinctions and more finely
differentiate credit risk than is possible on the global rating
scale."
Issuers And Ratings Affected
1. Issuers with global ratings affirmed at Caa1 (a rating level
which has historically been associated with default frequencies of
7.5% and 25.7% over 1- and 3-year investment horizons,
respectively):
a. The local currency issuer and debt national scale ratings of
City of Buenos Aires are now Baa1.ar, compared to Ba1.ar,
formerly.
b. The local currency issuer and debt national scale ratings of
Province of Chubut are now Baa2.ar, compared to Ba1.ar, formerly.
The local currency ratings of BODIC 1 Notes is now rated Baa1.ar,
compared to Ba1.ar, formerly.
c. The local currency issuer and debt national scale ratings of
Province of Buenos Aires are now Baa3.ar, compared to Ba3.ar,
formerly.
d. The local currency issuer and debt national scale ratings of
Province of Cordoba and Province of Mendoza are now Baa3.ar,
compared to Ba2.ar, formerly.
e. The local currency issuer and debt national scale ratings of
Municipality of Cordoba are now Baa3.ar, compared to Ba2.ar,
formerly. The Series 1 bonds are now rated Baa2.ar, compared to
Ba1.ar, formerly.
f. The local currency issuer and debt national scale ratings of
Municipality of Rio Cuarto are now rated Ba1.ar, compared to
Ba2.ar, formerly.
g. The local currency issuer and debt national scale ratings of
Province of Entre Rios are now Ba1.ar, compared to Ba3.ar,
formerly.
2. Issuers with global scale ratings affirmed at Caa2 (a rating
level which has historically been associated with default
frequencies of 17.5% and 38.6% over 1- and 3-year investment
horizons, respectively):
a. The local currency issuer national scale rating of Province of
Formosa is now Ba3.ar, compared to B2.ar, formerly.
b. The foreign currency issuer national scale ratings of City of
Buenos Aires, Province of Buenos Aires, Province of Cordoba and
Province of Mendoza are now B1.ar, compared to B2.ar, formerly.
3. Issuer and debt ratings with global scale rating affirmed at
Caa3 (a rating level which has historically been associated with
default frequencies of 29.1% and 53.5% over 1- and 3-year
investment horizons, respectively:
a. The local currency issuer and debt national scale ratings of
Province of Chaco is now B3.ar, compared to Caa2.ar, formerly.
b. The national scale rating of Formosa's senior secured bonds due
2022 is now Caa1.ar, compared to Caa2.ar, formerly.
Rating Rationale
National scale ratings are assigned by applying the published
correspondence from global scale ratings. Where multiple national
scale ratings are mapped to a single global scale rating, rating
committees assigned higher or lower national scale ratings to
individual issuers and debts depending on their relative credit
position within the same global scale rating category, based on
the sector's rating methodology.
What Could Change The Rating Up/Down
An upgrade or downgrade of the Argentine sovereign would likely
put upward or downward pressure, respectively, on the Argentine
subsovereign ratings. Idiosyncratic developments at specific
provinces and municipalities could also put upward or downward
pressure on their ratings.
The principal methodology used in this rating was Regional and
Local Governments published in January 2013.
ARGENTINA: IMF Executive Board Gives Statement on Country
---------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) met
on June 6, 2014 to consider the Managing Director's report on
Argentina's progress in implementing an initial set of specified
actions called for by the Executive Board to address the quality
of the official data reported to the Fund for the Consumer Price
Index (CPI) and Gross Domestic Product (GDP).
The Executive Board recognized the implementation of all the
specified actions it had called for at this juncture and the
initial steps taken by the Argentine authorities to remedy the
inaccurate provision of data. In line with the Board decision
adopted in December 2013, the Argentine authorities must implement
actions previously specified for end-September 2014 and end-
February 2015. The Managing Director will next report to the
Executive Board on the status of Argentina's implementation of the
specified actions by November 14, 2014. At that time, the
Executive Board will again review this issue in line with IMF
procedures.
The Fund welcomes the ongoing discussions with the Argentine
authorities to improve the quality of Argentina's official CPI and
GDP data and stands ready to continue this dialogue, and, more
generally, to further strengthen relations with Argentina.
EMPRESA PROVINCIAL: Moody's Raises Corp. Family Rating to Ba1.ar
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo positioned
the national scale ratings of several rated Argentine
infrastructure issuers on the revised national scale that Moody's
applies to Argentine issuers. The global and national scale rating
outlooks for all issuers remain stable.
The national scale ratings assigned to utilities and
infrastructure companies reflect the relative credit risk among
companies operating in a similar environment and their relative
positioning within the scale.
The recalibrated national scale ratings do not signify a change in
credit quality, since the global scale ratings (GSRs) for these
issuers are unchanged. Rather, the new map associates higher NSRs
for the same global scale rating than did the previous map. In
releasing these NSRs, the credit rating agency reiterated its view
that all the issuers and securities Moody's rates in Argentina
have elevated default risk, as indicated by their deeply
speculative grade global scale ratings. As noted by Gersan Zurita,
Moody's Group Credit Officer for Latin America, "the NSRs do not
suggest that these issuers and their securities' credit risks are
in any way less risky than indicated by their GSRs; rather the
NSRs simply make additional rating categories available for use by
Moody's to provide greater rating distinctions and more finely
differentiate credit risk than is possible on the global rating
scale."
Issuers And Ratings Affected
All the affected issuers currently carry global ratings at Caa1, a
rating level which has historically been associated with default
frequencies of 7.5% and 25.7% over 1- and 3-year investment
horizons, respectively.
a. The local currency national scale Corporate Family Rating of
Aeropuertos Argentina 2000 S.A. is now Baa1.ar, compared to
Ba1.ar, formerly. The foreign currency national scale rating for
the USD 2020 Senior Unsecured Notes and Class "A" and Class "C"
Senior Unsecured Local Notes is now Baa1.ar, compared to Ba1.ar,
formerly.
b. The foreign currency national scale rating for the Senior
Unsecured Notes of Transportadora de Gas del Sur S.A. is now
Baa1.ar, compared to Ba1.ar, formerly.
c. The local currency national scale Corporate Family Rating of
Distribuidora de Gas Cuyana S.A. is now Baa1.ar, compared to
Ba1.ar, formerly.
d. The local currency national scale Corporate Family Rating of
Camuzzi Gas Pampeana S.A. is now Baa2.ar, compared to Ba2.ar,
formerly.
e. The local currency national scale Corporate Family Rating of
Gas Natural BAN, S.A. is now Baa2.ar, compared to Ba2.ar,
formerly.
f. The local currency national scale Corporate Family Rating of
Hidroelectrica El Chocon S.A. is now Baa2.ar, compared to Ba1.ar,
formerly.
g. The local currency national scale Corporate Family Rating of
Genneia S.A. is now Baa3.ar, compared to Ba1.ar, formerly. The
foreign currency national scale rating for the Senior Secured and
Senior Unsecured Notes is now Baa3.ar, compared to Ba1.ar,
formerly.
h. The foreign currency national scale rating for the USD Senior
Secured Notes of Central Termica Loma de la Lata S.A. is now
Baa3.ar, compared to Ba2.ar, formerly.
i. The local currency national scale Corporate Family Rating of
Generacion Independencia S.A. is now Baa3.ar, compared to Ba1.ar,
formerly. The local currency national scale rating for the Senior
Unsecured Notes is now Baa3.ar, compared to Ba1.ar, formerly.
j. The foreign currency national scale rating for the Senior
Unsecured Notes and local currency national scale rating for the
Senior Unsecured term loan due in 2015 of Empresa Distribuidora de
Electricidad de Salta S.A. is now Baa3.ar, compared to Ba1.ar,
formerly.
k. The local currency national scale Corporate Family Rating of
Empresa Provincial de Energia de Cordoba (EPEC) is now Ba1.ar,
compared to Ba3.ar, formerly. The foreign currency national scale
rating for the USD 565 Senior Secured Notes is now Ba1.ar,
compared to Ba3.ar, formerly.
Ratings Rationale
National scale ratings are assigned by applying the published
correspondence from global scale ratings. Where multiple national
scale ratings are mapped to a single global scale rating, rating
committees assigned higher or lower national scale ratings to
individual issuers and debts depending on their relative credit
position within the same global scale rating category, based on
the sector's rating methodology.
The principal methodology used in rating Camuzzi Gas Pampeana
S.A., Gas Natural BAN, S.A., Distribuidora De Gas Cuyana S.A.,
Empresa Distribuidora de Electricidad Salta and Empresa Provincial
de Energia de Cordoba was Regulated Electric and Gas Utilities
published in December 2013. The principal methodology used in
rating Hidroelectrica El Chocon S.A., Generacion Independencia
S.A., Genneia S.A. and Central Termica Loma de la Lata S.A. was
Unregulated Utilities and Power Companies published in August
2009. The principal methodology used in rating Transportadora de
Gas del Sur S.A. was Natural Gas Pipelines published in November
2012. The principal methodology used in rating Aeropuertos
Argentina 2000 S.A. was Operational Airports outside of the United
States published in May 2008.
FIDEICOMISO FINANCIERO: Moody's Ups Nat'l Scale Rating to B3.ar
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo positioned
the national scale ratings of certain structured finance
securities on the revised national scale that Moody's applies to
Argentine issuers. The global ratings of the structured finance
securities in Argentina are not affected by this rating action.
The recalibrated national scale ratings do not signify a change in
credit quality, since the global scale ratings (GSRs) for these
issuers are unchanged. Rather, the new map associates higher NSRs
for the same global scale rating than did the previous map. In
releasing these NSRs, the credit rating agency reiterated its view
that all the issuers and securities Moody's rates in Argentina
have elevated default risk, as indicated by their deeply
speculative grade global scale ratings. As noted by Gersan Zurita,
Moody's Group Credit Officer for Latin America, "the NSRs do not
suggest that these issuers and their securities credit risks are
in any way less risky than indicated by their GSRs; rather the
NSRs simply make additional rating categories available for use by
Moody's to provide greater rating distinctions and more finely
differentiate credit risk than is possible on the global rating
scale."
Securities And Ratings Affected
Consumer Loan, Lease Loans, Vehicle Loan Securitizations and
Others
1. For structured finance securities with global ratings at B1
(sf) (a rating level which has historically been associated with
default frequencies of 2.3% and 10.9% over 1- and 3-year
investment horizons, respectively), and Aa2.ar (sf) or Aa3.ar (sf)
on the national scale, the current national scale rating is now
Aaa.ar (sf).
2. For structured finance securities with global ratings at B2
(sf) (a rating level which has historically been associated with
default frequencies of 3.5% and 14.4% over 1- and 3-year
investment horizons, respectively), and A2.ar (sf) on the national
scale, the current national scale rating is now Aa3.ar (sf).
3. For structured finance securities with global ratings at B3
(sf) (a rating level which has historically been associated with
default frequencies of 6.0% and 20.0% over 1- and 3-year
investment horizons, respectively), and Baa1.ar (sf) or Baa3.ar
(sf) on the national scale, the current national scale rating is
now A3.ar (sf).
4. For structured finance securities with global ratings at Caa1
(sf) (a rating level which has historically been associated with
default frequencies of 7.5% and 25.7% over 1- and 3-year
investment horizons, respectively), and Ba2.ar (sf) or Ba3.ar (sf)
on the national scale, the current national scale rating is now
Ba1.ar (sf).
5. For structured finance securities with global ratings at Caa2
(sf) (a rating level which has historically been associated with
default frequencies of 17.5% and 38.6% over 1- and 3-year
investment horizons, respectively), and B3.ar (sf) on the national
scale, the current national scale rating is now B2.ar (sf).
6. For structured finance securities rated Caa3 (sf) (a rating
level which has historically been associated with default
frequencies of 29.1% and 53.5% over 1- and 3-year investment
horizons, respectively), Ca (sf) or C (sf) (rating levels which
have historically been associated with default frequencies of
42.7% and 64.2% over 1- and 3-year investment horizons,
respectively) in the global scale, the NSRs have not changed.
Transactions linked to Sub-sovereign Entities, Financial
Guarantors and Corporates
Fideicomiso Financiero Programa Plurianual de Construccion de
Viviendas -- Provincia de Buenos Aires
Moody's revised upwards the national scale rating to Baa3.ar (sf)
from Ba3.ar (sf) of the debt securities of Fideicomiso Financiero
Programa Plurianual de Construcci¢n de Viviendas -- Provincia de
Buenos Aires. The revision follows Moody's recalibration of the
Province of Buenos Aires' ratings to Baa3.ar (national scale).
Moody's considers the transaction to be highly linked to the
credit risk of the Province of Buenos Aires. The transaction is
backed by the resources of the Housing Agency of the Province of
Buenos Aires (IPVBA) and by federal coparticipation taxes, as an
additional guarantee.
Fideicomiso Financiero Ruta N 6
Moody's revised upwards the national scale rating of Class A,
Class B and Class C debt securities issued by Fideicomiso
Financiero Ruta N 6 to Baa3.ar from Ba3.ar. The revision follows
Moody's recalibration of the Province of Buenos Aires' ratings to
Baa3.ar from Ba3.ar (national scale). The ratings are primarily
based on the rating of the Province of Buenos Aires as the obligor
under the underlying bonds.
Fideicomiso Financiero EISA/VIALNOA
Moody's revised upwards the national scale rating of Class A and
Class B debt securities issued by Fideicomiso Financiero
EISA/VIALNOA to Baa3.ar from Ba1.ar. The revision follows Moody's
recalibration of Electroingenier¡a S.A. (EISA)'s ratings to
Baa3.ar from Ba1.ar (national scale). The ratings are primarily
based on the irrevocable and unconditional guaranty provided by
EISA that covers timely payment of principal and interest on the
rated securities, and trust expenses and taxes.
Fideicomiso Financiero Aval Rural XX and XXI
Moody's revised upwards the national scale rating of the debt
securities issued by Fideicomiso Financiero Aval Rural XX and Aval
Rural XXI to Aa3.ar from A1.ar. The revision follows the
recalibration of Aval Rural S.G.R.'s ratings to Aa3.ar from A1.ar
(national scale), the guarantor of the underlying assets in the
transaction.
Fideicomiso Financiero Infraestructura Electrica Serie III
Moody's revised upwards the ratings of the VRD Serie III to B3.ar
(sf) from Caa2.ar (sf) (National Scale Rating). The revision
follows that of of the ratings of the Province of Chaco to B3.ar
from Caa2.ar (National Scale Rating).
Moody's views this transaction as highly linked to the credit risk
of the Province of Chaco because the Province creates and
establishes the legal framework for the specific tariff that
constitutes the underlying asset of the trust and, the seller
(Secheep), the collection agent (Nuevo Banco del Chaco) and the
trustee (Fiduciaria del Norte), are all entities that have the
Government of the Province of Chaco as the main shareholder.
Therefore, any change in the rating of the Province may have an
impact on the rating of the securitization.
Ratings Rationale
National scale ratings are assigned by applying the published
correspondence from global scale ratings. Where multiple national
scale ratings are mapped to a single global scale rating, rating
committees assigned higher or lower national scale ratings to
individual issuers and debts depending on their relative credit
position within the same global scale rating category, based on
the sector's rating methodology.
Factors that would lead to an upgrade or downgrade of the rating:
Further changes to the Argentina's country ceilings may have an
impact on the ratings of Argentine securitizations.
For transactions linked to a sub-sovereign, financial guarantor or
corporation, a rating change in the sub-sovereign, financial
guarantor or corporate entities that provide a guaranty or
external credit enhancement to the securitizations would lead to a
rating change of the securitizations.
MASTELLONE HERMANOS: Fitch Assigns 'B-' IDR; Outlook Negative
-------------------------------------------------------------
Fitch Ratings has assigned the following ratings to Mastellone
Hermanos, Sociedad Anonima (Mastellone):
--Foreign currency Issuer Default Rating (IDR) 'B-';
--Local currency IDR 'B-';
--Senior unsecured notes issuance of up to USD200 million 'B-
(EXP)/RR4'.
The Rating Outlook is Negative.
KEY RATING DRIVERS
Mastellone's ratings are constrained by Argentina's 'B-' country
ceiling as sales within the country contribute 85% to total sales
and 82% to EBITDA; its Negative Outlook is in line with those
assigned to Argentina's sovereign ratings and reflect the high
degree of uncertainty of the business climate and economic
conditions. The ratings also reflect the Mastellone's high
leverage, tight liquidity, exposure to currency mismatches and raw
milk production. Mastellone's poor debt service history is also
incorporated in the rating, as is its strong business position
within the Argentine milk industry.
Cash Flow Concentrated in Argentina
In 2013, cash flow generated in Argentina contributed 85% to total
sales of ARS9.5 billion and 82% to EBITDA of ARS397.3 million.
Its next most important market is Brazil, which comprised 6% of
total sales and 18% of EBITDA. The company is exposed to double-
digit inflation in Argentina and other direct and indirect
sovereign-related risks, including devaluation and refinancing
risks. As a result, Mastellone's IDR is constrained at
Argentina's country ceiling of 'B-'.
Strong Business Position
Mastellone is the largest dairy company and the leading processor
of dairy products in Argentina. As of March 31, 2014, Mastellone
is first in the fluid milk market in terms of physical volume with
a market share of approximately 67%. The company maintains the
first and second position in most of its product lines. Its
strong market shares allow it to benefit from economies of scale
in the production, marketing and distribution of products.
Mastellone purchases about 16 - 18% of raw milk production in
Argentina which provides it with a degree of negotiating power.
High Leverage
As of the LTM March 31, 2014, Mastellone reported debt/EBITDA of
3.5x and net debt/EBITDA of 3.0x. This level is low for the
rating category, but important when considering the company's
operating environment of Argentina; it may limit its ability to
secure additional financing or react to changing market
conditions. Fitch expects gross leverage will remain above 3.0x,
but not significantly increase over current levels.
Tight Liquidity
As of Dec. 31, 2013 Mastellone reported cash and marketable
securities of about USD21 million, an increase over USD18 million
in 2012. Short-term debt of USD70 million is about 48% of total
debt. Current cash holdings cover 30% of current maturities.
Liquidity should improve as the proposed issuance of up to USD200
million will be used to refinance existing debt of USD170 million
and extend the maturity profile. The remainder of the issuance
will be used to finance working capital needs, capex, and capital
contributions to subsidiaries.
Currency Mismatch
Mastellone's debt is USD-denominated and creates currency risk as
the company's sales are mainly in Argentine pesos. The company
has not entered into any agreements to hedge its exposure to
devaluation risk.
Exposure to Raw Milk Production
In 2013 Argentine farmers faced dry conditions and a delayed
spring, which negatively affected milk production, much like 2012.
In 2013 raw milk production in Argentina decreased by an estimated
1.7% when compared to 2012. Mastellone's purchases from raw milk
producers decreased by about 3% in 2013. A shortage of raw milk
production could lead to the interruption of the company's export
business (7% of sales) or an increase in its production costs if
it needs to purchase imported raw milk.
Poor Debt Service History
In December 2009 Mastellone launched an exchange offer to
refinance the then existing long-term debt. The exchange offer
included a mix of cash and debt refinancing with final maturity in
2015 and 2018. About 98% of debt holders accepted the exchange
offer which closed in May 2010. From December 2009 to May 2010
the company did not make payments of principal or interest on the
then existing debt.
RATING SENSITIVITIES
Mastellone's ratings would be negatively impacted by a downgrade
of Argentina's country ceiling. Furthermore, a sustained
deterioration in cash flows or an increase in leverage for a
prolonged period of time could negatively impact Mastellone's
credit rating.
A positive rating action is unlikely in the short- to medium- term
due to the business environment in Argentina. An upgrade of the
Argentine sovereign could potentially result in a positive rating
action. In addition, further geographic diversification reducing
the importance of cash flow from Argentina could prove favorable
to Mastellone's credit quality.
METROPOLIS COMPANIA: Moody's Withdraws All Ratings
--------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo announced
that it has withdrawn all of its ratings for Metropolis Compania
Financiera for business reasons.
Issuer: METROPOLIS Compania Financiera
Outlook Actions:
Outlook, Changed To Rating Withdrawn From Negative(m)
Withdrawals:
Adjusted Baseline Credit Assessment, Withdrawn , previously rated
caa1
Baseline Credit Assessment, Withdrawn , previously rated caa1
Bank Financial Strength Rating, Withdrawn , previously rated E
FC Long Term Deposit Rating, Withdrawn , previously rated Caa2
LC Long Term Deposit Rating, Withdrawn , previously rated Caa1
NSR FC Deposit Rating, Withdrawn , previously rated B1.ar
NSR LC Deposit Rating, Withdrawn , previously rated Ba2.ar
Short Term Deposit Rating, Withdrawn , previously rated NP
Short Term Deposit Rating, Withdrawn , previously rated NP
LC Senior Unsecured Medium-Term Note Program, Withdrawn ,
previously rated (P)Caa1
FC Senior Unsecured Medium-Term Note Program, Withdrawn ,
previously rated (P)Caa1
NSR LC Senior Unsecured Medium-Term Note Program, Withdrawn ,
previously rated Ba2.ar
NSR FC Senior Unsecured Medium-Term Note Program, Withdrawn ,
previously rated B1.ar
LC Senior Unsecured Regular Bond/Debenture, Withdrawn , previously
rated Caa1
NSR LC Senior Unsecured Regular Bond/Debenture, Withdrawn ,
previously rated Ba2.ar
Ratings Rationale
Moody's has withdrawn the rating for its own business reasons.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.
NSRs differ from Moody's global scale ratings in that they are not
globally comparable with the full universe of Moody's rated
entities, but only with NSRs for other rated debt issues and
issuers within the same country. NSRs are designated by a ".nn"
country modifier signifying the relevant country, as in ".mx" for
Mexico. For further information on Moody's approach to national
scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".
Metropolis Compania Financiera is headquartered in Buenos Aires,
Argentina, and as of March 2014 it had $30.2 million in assets and
$5.4 million in equity.
ZUCAMOR S.A.: Moody's Ups Corporate Family Rating to Baa3.ar
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo positioned
the national scale ratings of several rated Argentine issuers on
the revised national scale that Moody's applies to Argentine
issuers. The national scale rating outlooks for all issuers remain
stable.
The recalibrated national scale ratings do not signify a change in
credit quality, since the global scale ratings (GSRs) for these
issuers are unchanged. Rather, the new map associates higher NSRs
for the same global scale rating than did the previous map. In
releasing these NSRs, the credit rating agency reiterated its view
that all the issuers and securities Moody's rates in Argentina
have elevated default risk, as indicated by their deeply
speculative grade global scale ratings. As noted by Gersan Zurita,
Moody's Group Credit Officer for Latin America, "the NSRs do not
suggest that these issuers and their securities credit risks are
in any way less risky than indicated by their GSRs; rather the
NSRs simply make additional rating categories available for use by
Moody's to provide greater rating distinctions and more finely
differentiate credit risk than is possible on the global rating
scale."
Issuers And Ratings Affected
1. Issuer with global ratings at Baa1 (a rating level which has
historically been associated with default frequencies of 0.16% and
0.7% over 1- and 3-year investment horizons, respectively):
a. The foreign currency national scale ratings of the Backed
Senior Unsecured Notes of Petrobras Argentina S.A. is unchanged at
Aaa.ar (guarantor is Petroleo Brasileiro S.A., rated Baa1
Negative)
2. Issuers with global ratings at Baa3 (a rating level which has
historically been associated with default frequencies of 0.26% and
1.4% over 1- and 3-year investment horizons, respectively):
a. The foreign currency national scale ratings of the Backed
Senior Unsecured Notes of Alto Paran S.A. is unchanged at Aaa.ar
(guarantor is Celulosa Arauco y Constitucion S.A., rated Baa3
Negative)
b. The local currency national scale rating for the Senior Secured
Notes of Quickfood S.A. is unchanged at Aaa.ar (guarantor is BRF
S.A., rated Baa3 Stable)
3. Issuers with global ratings at B2 (a rating level which has
historically been associated with default frequencies of 3.5% and
14.4% over 1- and 3-year investment horizons, respectively):
a. The foreign and local currency national scale rating for the
Senior Unsecured Notes of Arcor S.A.I.C. is now Aa1.ar, compared
to Aa3.ar, formerly
b. The local currency national scale rating for the Senior
Unsecured Bank Credit Facility of Pan American Energy LLC,
(Argentine Branch) is now Aa1.ar, compared to Aa3.ar, formerly
c. The foreign currency national scale rating for the Backed
Senior Unsecured notes of AMS Foods International S.A. is now
Aa3.ar, compared to A1.ar, formerly (guarantor is Aval Rural
S.G.R., rated B2/Ba3.ar Stable)
4. Issuers with global ratings at B3 (a rating level which has
historically been associated with default frequencies of 6.0% and
20.0% over 1- and 3-year investment horizons, respectively):
a. The local currency national scale Corporate Family Rating of
Aluar Aluminio Argentino S.A.I.C. is now A1.ar, compared to A2.ar,
formerly. The foreign currency national scale rating for the
Senior Unsecured Notes is now A1.ar, compared to A2.ar, formerly
b. The local currency national scale Corporate Family Rating of
Newsan S.A. is now A1.ar, compared to A2.ar, formerly. The local
currency national scale rating for the Senior Unsecured Bank
Credit Facility and the Senior Unsecured Notes is now A1.ar,
compared to A2.ar, formerly
c. The local currency national scale rating for the Senior
Unsecured Bank Credit Facility of Pilisar S.A. is now A1.ar,
compared to A2.ar, formerly (guarantor is Newsan S.A., rated
B3/A1.ar Stable)
d. The local currency national scale Corporate Family Rating of
Asociacion de Cooperativas Argentinas Coop is unchanged at A2.ar.
The local and foreign currency national scale rating for the
Senior Unsecured Bank Credit Facility is unchanged at A2.ar
e. The local currency national scale Corporate Family Rating of
Holcim (Argentina) S.A. is unchanged at A2.ar
f. The local currency national scale Corporate Family Rating of
Carboclor S.A. is now A3.ar, compared to Baa1.ar, formerly
5. Issuers with global ratings at Caa1 (a rating level which has
historically been associated with default frequencies of 7.5% and
25.7% over 1- and 3-year investment horizons, respectively):
a. The local currency national scale Corporate Family Rating of
Telecom Argentina S.A. is now Baa1.ar, compared to Ba1.ar,
formerly
b. The local currency national scale Issuer Rating of YPF S.A. is
now Baa1.ar, compared to Ba1.ar, formerly
c. The local currency national scale Corporate Family Rating of
Carsa S.A. is now Baa2.ar, compared to Ba1.ar, formerly. The local
currency national scale rating for the Senior Unsecured Notes is
now Baa2.ar, compared to Ba1.ar, formerly
d. The local currency national scale Corporate Family Rating of
Car Security S.A. is now Baa2.ar, compared to Ba1.ar, formerly.
e. The local currency national scale Corporate Family Rating of
Jose Cartellone Construcciones Civiles S.A. is now Baa2.ar,
compared to Ba1.ar, formerly. The local currency national scale
rating for the Senior Unsecured Bank Credit Facility is now
Baa2.ar, compared to Ba1.ar, formerly
f. The local currency national scale Corporate Family Rating of
Longvie S.A. is now Baa2.ar, compared to Ba1.ar, formerly. The
local currency national scale rating for the Senior Unsecured
Notes is now Baa2.ar, compared to Ba1.ar, formerly
g. The local currency national scale Corporate Family Rating of
Mirgor S.A. is now Baa2.ar, compared to Ba1.ar, formerly
h. The local currency national scale Corporate Family Rating of
Sullair Argentina S.A. is now Baa2.ar, compared to Ba1.ar,
formerly. The local currency national scale rating for the Senior
Unsecured Bank Credit Facility is now Baa2.ar, compared to Ba1.ar,
formerly
i. The local currency national scale Corporate Family Rating of
Electroingenieria S.A. is now Baa3.ar, compared to Ba1.ar,
formerly
j. The local currency national scale rating for the Senior
Unsecured Bank Credit Facility of Papel Misionero S.A.I.C.F. is
now Baa3.ar, compared to Ba1.ar, formerly
k. The local currency national scale Corporate Family Rating of
Raghsa S.A. is now Baa3.ar, compared to Ba1.ar, formerly. The
foreign currency national scale rating for the Senior Unsecured
Notes is now Baa3.ar, compared to Ba1.ar, formerly
l. The local currency national scale Corporate Family Rating of
Zucamor S.A. is now Baa3.ar, compared to Ba1.ar, formerly. The
local currency national scale rating for the Senior Unsecured Bank
Credit Facility is now Baa3.ar, compared to Ba1.ar, formerly
6. Issuer with global scale ratings at Caa2 (a rating level which
has historically been associated with default frequencies of 17.5%
and 38.6% over 1- and 3-year investment horizons, respectively):
a. The local currency national scale Corporate Family Rating of
Quickfood S.A. is now B2.ar, compared to B3.ar, formerly
===============
B A R B A D O S
===============
CIBC FIRST CARIBBEAN: Defends Closure of Bank Branches
------------------------------------------------------
Caribbean360.com reports that the CIBC First Caribbean
International said despite the closure of several branches in the
region, the financial institution remains very committed to the
development of the Caribbean.
Chief Executive Officer Rik Parkhill said the closure of the
branches has more to do with current economics, according to
Caribbean360.com.
"You will see us regionally go through a process where some of the
older branches, that just from the cost of being able to renovate
them are replaced by newer ones; but I expect that we'll have more
branches on a go forward basis than less," the report quoted Mr.
Parkhill as saying.
The report notes that Mr. Parkhill said despite the economic
situation in most of the Caribbean countries, CIBC First Caribbean
International is repositioning itself for competition in the
future.
"I think we're going to have to ride out this weak economic
performance for a little while longer and that's what the
provision levels in the second quarter were designed to enable us
to do; but I expect that we will return to historical levels of
profitability at some point in the future," Mr. Parkhill added,
the report relates.
The report notes that the bank has closed a number of its branches
in several Caribbean countries including in Grenada and Barbados.
CIBC FirstCaribbean -- http://www.cibcfcib.com-- is a major
Caribbean bank offering a full range of market-leading financial
services in Corporate Banking, Retail Banking, Wealth Management,
Credit Cards, Treasury Sales and Trading, and Investment Banking.
It is the largest, regionally-listed bank in the English-and Dutch
speaking Caribbean. The bank has over 3,400 staff; 69 branches,
22 banking centres, and seven offices in 17 regional markets.
BARBADOS: IMF Concludes Staff Visit to Country
----------------------------------------------
A team from the International Monetary Fund (IMF) led by Ms.
Nicole Laframboise visited Barbados during June 2-6, 2014 to
review recent economic developments and discuss the main policy
priorities. Staff met with Minister of Finance Christopher
Sinckler, Governor of the Central Bank of Barbados DeLisle
Worrell, other government officials, and representatives from
labour and the private sector. Ms. Laframboise issued the
following statement at the end of the visit:
"The Barbadian economy continues to face major challenges,
including low growth, a very large fiscal deficit and a high debt
burden. Real GDP is expected to decline by 0.6 percent this year,
as slightly stronger tourism activity is offset by the impact of
the government's deficit reduction efforts. Inflation is expected
to remain subdued and private sector credit growth weak. The
unemployment rate rose to 13.2 percent in the fourth quarter of
2013.
"The decline in international reserves through most of 2013 was
arrested in the first quarter with external borrowing in the
December 2013-March 2014 period, and reserves have remained at
about US$570 million (3.3 months worth of imports) since.
"Discussions focused on recent developments, progress with
announced fiscal measures, and the near-term outlook. The central
government deficit in the fiscal year 2013/14 is estimated at 12
percent of GDP, higher than projected owing mostly to unbudgeted
transfers to public enterprises, including reducing arrears.
Central government gross debt, excluding securities held by the
National Insurance Scheme, rose to 96 percent of GDP at March
2014.
"The need for fiscal consolidation is urgent. The authorities
agree and have implemented most of their announced budget
measures. Follow up is essential to ensure that these measures
produce material results in the near term to lower the
government's financing needs. Slippages should be met with
offsetting actions in order to meet budget targets.
"Strengthened oversight and fundamental reform of the public
enterprises are key priorities in the near term. IMF staff
welcomes progress in this area and the government's intention to
significantly strengthen the monitoring and control of public
enterprises, including through a high-level independent oversight
committee and increased resources for the accounting unit
responsible for monitoring performance.
"While awaiting the findings of a review of domestic taxation by
technical experts, consolidation efforts should also focus on the
other components of expenditure, including ways to improve the
targeting and effectiveness of social services. This should
include scaling back some universal programs available to higher
income groups to ensure that they reach the most needy."
"In parallel with deficit reduction, steps to raise growth are
equally important. A number of large private and public
investment projects in the pipeline should boost capital inflows
and productive capacity. Efforts will be needed though to remove
administrative impediments to doing business and lower production
costs in the country, including unit labour costs. This is
important for strengthening competitiveness under the fixed
exchange rate regime."
"The banking system remains liquid and well capitalized, though
bank profitability has declined since the prolonged recession.
Staff welcomes the authorities' commitment to implementing
recommendations from the recent Financial Sector Assessment
Update, including measures to enhance the supervision and
regulation of non-bank financial institutions and off-shore banks,
and to enhance the independence of the central bank.
"The team wishes to thank the authorities and representatives of
the private sector and labour for their hospitality and the
constructive and frank dialogue."
==========================
C A Y M A N I S L A N D S
==========================
ADDED ALPHA: Creditors' Proofs of Debt Due June 23
--------------------------------------------------
The creditors of Added Alpha Ltd are required to file their proofs
of debt by June 23, 2014, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on May 8, 2014.
The company's liquidator is:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
AMETHYST LIMITED: Creditors' Proofs of Debt Due July 1
------------------------------------------------------
The creditors of Amethyst Limited are required to file their
proofs of debt by July 1, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on May 15, 2014.
The company's liquidator is:
Christopher Tushingham
c/o Wardour Management Services Limited
Telephone: (345) 945-3301
Facsimile: (345) 945-3302
P.O. Box 10147 Grand Cayman KY1-1002
Cayman Islands
CAPRICORN CURRENCY: Commences Liquidation Proceedings
-----------------------------------------------------
On May 20, 2014, the sole shareholder of Capricorn Currency
Management (Cayman) Ltd resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidators are:
Michael Rasmussen
Mikkel Thorup
Telephone: (345) 949-0488
Facsimile: (345) 949-0364
P.O. Box 1990 Grand Cayman KY1-1104
Cayman Islands
CCBI GROWTH: Commences Liquidation Proceedings
----------------------------------------------
On May 20, 2014, the shareholder of CCBI Growth Fund GP I Limited
resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Wei Yucheng
Flat H, 23rd Floor, Block 4
South Horizons, Ap Lei Chau
Hong Kong
CLOVER INVESTMENT: Commences Liquidation Proceedings
----------------------------------------------------
On April 8, 2014, the shareholders of Clover Investment Advisors
Limited resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Fund Solution Services Limited
c/o Andrew Childe
Harbour Centre, 2nd Floor
42 North Church Street
George Town, Grand Cayman
Cayman Islands
Telephone: +1 (345) 947 5855;
HOTSPUR INVESTMENTS: Creditors' Proofs of Debt Due July 1
---------------------------------------------------------
The creditors of Hotspur Investments Limited are required to file
their proofs of debt by July 1, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 9, 2014.
The company's liquidator is:
Christopher Tushingham
c/o Wardour Management Services Limited
Telephone: (345) 945-3301
Facsimile: (345) 945-3302
P.O. Box 10147 Grand Cayman KY1-1002
Cayman Islands
HURLSTONE GENERAL: Court Appoints Pearson & Childe as Liquidators
-----------------------------------------------------------------
On May 3, 2014, the Grand Court of Cayman Islands entered an order
to continue the supervision of the liquidation of Hurlstone
General Contractors Ltd.
Michael Pearson and Andrew Childe were appointed as the company's
liquidators.
The Liquidators can be reached at:
Michael Pearson
Andrew Childe
Fund Solution Services Limited
769 Camana Bay, 10 Market Street
Grand Cayman KY1-9006
Cayman Islands
MB ASIA: Court Enters Wind-Up Order
-----------------------------------
On May 2, 2014, the Grand Court of Cayman Islands entered an order
to wind up the operations of MB Asia Foods Co., Ltd.
The company's liquidator is:
David Griffin
FTI Consulting (Cayman) Limited
2D Landmark Square
64 Earth Close, SMB, PO Box 30613
Grand Cayman KY11203
Cayman Islands
MJC FINANCE: Creditors' Proofs of Debt Due July 2
-------------------------------------------------
The creditors of MJC Finance Cayman Ltd. are required to file
their proofs of debt by July 2, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 16, 2014.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943-3100
OYSTER POINT: Creditors' Proofs of Debt Due July 2
--------------------------------------------------
The creditors of Oyster Point Finance Cayman Ltd. are required to
file their proofs of debt by July 2, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 16, 2014.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943-3100
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REP: To Get $78MM-IDB Loan to Modernize Electricity Grid
------------------------------------------------------------------
The Inter-American Development Bank (IDB) announced the approval
of a US$78.0 million loan to modernize Dominican Republic's
electric grid and cut energy losses.
The funds form part of the Electricity Sector Integral Plan 2013-
2016 which "aims to secure the full business cycle, including not
only rehabilitation of networks, but also metering, billing and
collection for energy supplied," the IDB said .
Despite the progress in electricity distribution in recent years
Dominican Republic continues having "a weak performance in its
operation with electricity losses," averaging 33% by yearend 2013,
well above international efficiency standards.
The entity said the problems affect the financial sustainability
of the electricity distribution companies (EDEs), for which the
project aims to "relieve the tax burden of the sector and improve
the country's productivity."
Total losses are expected to be reduced by at least 10% to take it
to 33.1% at yearend 2013, and down to 23.1% in 2017.
=============
J A M A I C A
=============
JAMAICA: Slips to Third Place in Regional Sugar Production
----------------------------------------------------------
RJR News reports that Jamaica has slipped to third place in the
ranking of regional sugar producers but a major player in the
industry says there is no need for worry.
RJR News reports that according to a report from the Sugar
Association of the Caribbean, SAC, in April, Belize was the lead
producer with 26-thousand 302 tons followed by Guyana with 25,315
tons and Jamaica with 24,881.
The report notes that Jamaica was in the number one spot in the
previous month. Chairman of the SAC, Karl James, says the change
is not a reflection of Jamaica's overall performance, the report
relates.
In the meantime, Mr. James said despite some negative impact of
the slide in the value of the Jamaican dollar, the local sugar
industry is generally benefiting from the currency movement, the
report notes.
JAMAICA: Moody's says Debt Reduction on Track but Recovery Fragile
------------------------------------------------------------------
A year into its International Monetary Fund program, Jamaica is on
track to meet its fiscal consolidation targets over the medium
term, says Moody's Investors Service. Debt metrics are trending
lower, but they remain among the highest of any of the sovereigns,
a key factor in Jamaica's Caa3 government bond rating.
In the report "Jamaica: Fiscal Consolidation, Debt Reduction on
Track, But Recovery Remains Fragile," Moody's says that it expects
Jamaica to post a budget deficit of 0.7% of GDP in fiscal year
2014/15, followed by a surplus of 0.2% of GDP in fiscal year
2015/16.
Driven by a primary surplus target of 7.5% of GDP under the IMF
program, in the fiscal year ending March 2014 the government
generated a budget surplus of 0.1% of GDP from a deficit of 4.1%
of GDP in fiscal year 2012/13, says Moody's.
Moody's also expects annual economic growth in Jamaica to return
gradually to its pre-crisis levels of around 2% in the 2014-15
period, subject to a sustained recovery in tourism and a return of
private sector confidence. However, substantial downside risks to
the economic outlook persist.
The current account deficit is narrowing and international
reserves are rebounding. Still, external vulnerability remains
high, says Moody's. The current account deficit declined to 9.6%
of GDP in 2013, from 12.9% of GDP in 2012 and 14.3% of GDP in
2011, helped by the nominal depreciation of the exchange rate and
the ongoing fiscal adjustment.
With roughly balanced central government budgets and the likely
modest uptick in economic growth, Moody's expects the debt burden
to decline to less than 130% of GDP in 2014 and to around 125% of
GDP in 2015, from close to 135% of GDP in 2013. However, these
levels will remain among the highest for the countries that
Moody's rates.
Moody's changed the outlook on Jamaica's Caa3 government bond
rating to positive from stable in February. Ongoing improvements
in key fiscal and debt metrics under the International Monetary
Fund program was a driver of the change, together with Moody's
expectations of further progress in implementing the program's
main targets.
===========
M E X I C O
===========
COLIMA: Moody's Affirms Ba2/A2.mx Issuer Ratings; Outlook Neg.
--------------------------------------------------------------
Moody's de Mexico S.A. de C.V. affirmed the issuer ratings of the
Municipality of Colima to (Ba2/A2.mx) with a negative outlook.
Ratings Rationale
Rationale For Rating Affirmation At Ba2/A2.mx
Moody's affirmed Colima's Ba2/A2.mx ratings because the rating
continues to reflect accurately the city's weak operating results,
as well as its low debt level but poor liquidity position.
Between 2009 and 2013, Colima posted operating and financial
results that were both volatile and negative but in line with
those of its Ba2 Mexican-rated peers. Increasing capital
expenditures contributed to persistent consolidated deficits.
At 4.9% of operating revenues at year-end 2013, the municipality's
financial debt is considerably lower than that of most
municipalities in the Ba-range. However, also during the 2009-13
period Colima's liquidity deteriorated sharply relative to its
peers, which led the municipality to request advanced transfers
from the State Government in 2013. At the end of 2013, Colima's
net working capital represented -17.2% of its total expenditures,
much lower than the -3.9% median for Ba3-rated municipalities.
In order to sustain its expansionary capital expenditures policy,
the municipality of Colima has tried to curb recurrent
expenditures with some success. Between 2009 and 2013, current
expenditures increased by 4%, while revenues increased by 5% over
the same period. Moody's notes that the forthcoming electoral
cycle will likely result in slightly negative gross operating
balances in 2014 and 2015. Due to Colima's tight liquidity
position, possible contracting of financial short-term debt to
fund expansionary policy would add pressure to Colima's finances.
Rationale For The Negative Outlook
The negative outlook is driven by Moody's views that the
municipality may be unable to cut its operating expenditures or
capital expenditure plans to reverse its very weak liquidity
position within the next 12-18 months. While the municipality has
successfully managed to contain operating costs in the last three
years, Moody's believes that additional spending is likely as the
2015 municipal elections are approaching.
What could change the rating up/down:
Given the negative outlook, a rating upgrade is unlikely in the
next 12-18 months. However, the outlook could be stabilized if the
municipality were to strengthen its liquidity position.
Conversely, negative cash financing requirements leading to a
deterioration in the liquidity position and/or substantial debt
increases could exert downward pressure on the municipality's
ratings.
The principal methodology used in this rating was Regional and
Local Governments published in January 2013.
The period of time covered in the financial information used to
determine the rating is between 1 January 2009 and 31 December
2013.
MANZANILLO: Moody's Lowers Rating to B1/Baa2.mx; Outlook Negative
-----------------------------------------------------------------
Moody's de Mexico downgraded the Municipality of Manzanillo to
B1/Baa2.mx from Ba3/A3.mx with a negative outlook.
Ratings Rationale
Rationale For Rating Downgrade To B1/Baa2.mx from Ba3/A3.mx
The downgrade of Manzanillo's rating reflects the sharp
deterioration in the municipality's fiscal and financial
performance in 2013. The municipality's gross operating deficit to
operating revenue ratio deteriorated to 10.7% in 2013 from 2.5% in
2012, a level below the median of B1-rated Mexican municipalities.
Similarly, net working capital declined to -13.5% of total
expenditures, from -10.4%. Between 2009 and 2013, debt levels
increased to 27.3%, from 24.7% of operating revenues, with the
level at the end of 2013 below the median of its B1-rated Mexican
peers.
Last year's deterioration in the municipality's fiscal performance
was mainly due to a sharp increase (17% year over year) in
personnel costs. Moreover, many temporary staff became permanent,
which added significant rigidity to the municipality's budget.
Although the 2014 budget foresees a 22% reduction in total
expenditures, Manzanillo has a poor track on budget execution,
with realized expenditures exceeding budget by 19% in 2012 and 37%
in 2013. As budget pressures will likely persist, Moody's expects
the municipality to exhibit highly negative operating and cash
results in 2014 and 2015.
Rationale For The Negative Outlook
The negative outlook is driven by Moody's views that the
municipality may be unable to cut its operating or capital
expenditures to reverse its very weak liquidity position within
the next 12-18 months.
What Could Change The Rating Up/Down
Given the negative outlook, a rating upgrade is unlikely over the
next 12-18 months. However, the outlook could be stabilized if
cash financing requirements narrow substantially and if the
liquidity position is strengthened. Conversely, cash financing
requirements leading to a deterioration in the liquidity position
and/or substantial debt increases could exert downward pressure on
Manzanillo's ratings.
The principal methodology used in this rating was Regional and
Local Governments published in January 2013.
The period of time covered in this financial information used to
determine the rating is between 1 January 2009 and 31 December
2013.
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD-BDR AGEN33 BZ 339244073 -561405847
AGRENCO LTD-BDR AGEN11 BZ 339244073 -561405847
ALL ORE MINERACA AORE3 BZ 10519766.1 -18449684.9
ALL ORE MINERACA STLB3 BZ 10519766.1 -18449684.9
ARTHUR LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3
ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3
ARTHUR LANGE ARLA3 BZ 11642254.9 -17154460.3
ARTHUR LANGE SA ALICON BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ARLA4 BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ALICPN BZ 11642254.9 -17154460.3
ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3
ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
BALADARE BLDR3 BZ 159449535 -52990723.7
BATTISTELLA BTTL3 BZ 161941587 -30698112.2
BATTISTELLA-PREF BTTL4 BZ 161941587 -30698112.2
BATTISTELLA-RECE BTTL9 BZ 161941587 -30698112.2
BATTISTELLA-RECP BTTL10 BZ 161941587 -30698112.2
BATTISTELLA-RI P BTTL2 BZ 161941587 -30698112.2
BATTISTELLA-RIGH BTTL1 BZ 161941587 -30698112.2
BIOMM SA BIOM3M BZ 14879155 -13567385
BIOMM SA BIOM3 BZ 14879155 -13567385
BIOMM SA - RCT BIOM9 BZ 14879155 -13567385
BIOMM SA-PREF BIOM4 BZ 14879155 -13567385
BIOMM SA-RT 0905492D BZ 14879155 -13567385
BIOMM SA-RT BIOM2 BZ 14879155 -13567385
BIOMM SA-RTS 0905518D BZ 14879155 -13567385
BIOMM SA-RTS BIOM10 BZ 14879155 -13567385
BIOMM SA-RTS BIOM1 BZ 14879155 -13567385
BOMBRIL BMBBF US 324115454 -16635219.6
BOMBRIL FPXE4 BZ 19416013.9 -489914853
BOMBRIL BOBR3 BZ 324115454 -16635219.6
BOMBRIL CIRIO SA BOBRON BZ 324115454 -16635219.6
BOMBRIL CIRIO-PF BOBRPN BZ 324115454 -16635219.6
BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
BOMBRIL SA-ADR BMBPY US 324115454 -16635219.6
BOMBRIL SA-ADR BMBBY US 324115454 -16635219.6
BOMBRIL-PREF BOBR4 BZ 324115454 -16635219.6
BOMBRIL-RGTS PRE BOBR2 BZ 324115454 -16635219.6
BOMBRIL-RIGHTS BOBR1 BZ 324115454 -16635219.6
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
BUETTNER BUET3 BZ 96231802.9 -32473494
BUETTNER SA BUETON BZ 96231802.9 -32473494
BUETTNER SA-PRF BUETPN BZ 96231802.9 -32473494
BUETTNER SA-RT P BUET2 BZ 96231802.9 -32473494
BUETTNER SA-RTS BUET1 BZ 96231802.9 -32473494
BUETTNER-PREF BUET4 BZ 96231802.9 -32473494
CAF BRASILIA CAFE3 BZ 160933830 -149277092
CAF BRASILIA-PRF CAFE4 BZ 160933830 -149277092
CAFE BRASILIA SA CSBRON BZ 160933830 -149277092
CAFE BRASILIA-PR CSBRPN BZ 160933830 -149277092
CAIUA ELEC-C RT ELCA1 BZ 1059986022 -76183286
CAIUA SA ELCON BZ 1059986022 -76183286
CAIUA SA-DVD CMN ELCA11 BZ 1059986022 -76183286
CAIUA SA-DVD COM ELCA12 BZ 1059986022 -76183286
CAIUA SA-PREF ELCPN BZ 1059986022 -76183286
CAIUA SA-PRF A ELCAN BZ 1059986022 -76183286
CAIUA SA-PRF A ELCA5 BZ 1059986022 -76183286
CAIUA SA-PRF B ELCA6 BZ 1059986022 -76183286
CAIUA SA-PRF B ELCBN BZ 1059986022 -76183286
CAIUA SA-RCT PRF ELCA10 BZ 1059986022 -76183286
CAIUA SA-RTS ELCA2 BZ 1059986022 -76183286
CAIVA SERV DE EL 1315Z BZ 1059986022 -76183286
CELGPAR GPAR3 BZ 204382297 -934172491
CENTRAL COST-ADR CCSA LI 319571114 -114350021
CENTRAL COSTAN-B CRCBF US 319571114 -114350021
CENTRAL COSTAN-B CNRBF US 319571114 -114350021
CENTRAL COSTAN-C CECO3 AR 319571114 -114350021
CENTRAL COST-BLK CECOB AR 319571114 -114350021
CIA PETROLIFERA MRLM3 BZ 377592596 -3014215.1
CIA PETROLIFERA MRLM3B BZ 377592596 -3014215.1
CIA PETROLIFERA 1CPMON BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4 BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4B BZ 377592596 -3014215.1
CIA PETROLIF-PRF 1CPMPN BZ 377592596 -3014215.1
CIMOB PARTIC SA GAFP3 BZ 44047412.2 -45669964.1
CIMOB PARTIC SA GAFON BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFP4 BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFPN BZ 44047412.2 -45669964.1
COBRASMA CBMA3 BZ 75391731.7 -2212560088
COBRASMA SA COBRON BZ 75391731.7 -2212560088
COBRASMA SA-PREF COBRPN BZ 75391731.7 -2212560088
COBRASMA-PREF CBMA4 BZ 75391731.7 -2212560088
D H B DHBI3 BZ 100548065 -171900717
D H B-PREF DHBI4 BZ 100548065 -171900717
DHB IND E COM DHBON BZ 100548065 -171900717
DHB IND E COM-PR DHBPN BZ 100548065 -171900717
DOCA INVESTIMENT DOCA3 BZ 273120349 -211736213
DOCA INVESTI-PFD DOCA4 BZ 273120349 -211736213
DOCAS SA DOCAON BZ 273120349 -211736213
DOCAS SA-PREF DOCAPN BZ 273120349 -211736213
DOCAS SA-RTS PRF DOCA2 BZ 273120349 -211736213
ELEC ARG SA-PREF EASA6 AR 1395153160 -106158748
ELEC ARGENT-ADR EASA LX 1395153160 -106158748
ELEC DE ARGE-ADR 1262Q US 1395153160 -106158748
ELECTRICIDAD ARG 3447811Z AR 1395153160 -106158748
ENDESA - RTS CECOX AR 319571114 -114350021
ENDESA COST-ADR CRCNY US 319571114 -114350021
ENDESA COSTAN- CECO2 AR 319571114 -114350021
ENDESA COSTAN- CECOD AR 319571114 -114350021
ENDESA COSTAN- CECOC AR 319571114 -114350021
ENDESA COSTAN- EDCFF US 319571114 -114350021
ENDESA COSTAN-A CECO1 AR 319571114 -114350021
ESTRELA SA ESTR3 BZ 71379826.3 -111239817
ESTRELA SA ESTRON BZ 71379826.3 -111239817
ESTRELA SA-PREF ESTR4 BZ 71379826.3 -111239817
ESTRELA SA-PREF ESTRPN BZ 71379826.3 -111239817
F GUIMARAES FGUI3 BZ 11016542.2 -151840378
F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
FABRICA RENAUX FTRX3 BZ 66603695.4 -76419246.3
FABRICA RENAUX FRNXON BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FTRX4 BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FRNXPN BZ 66603695.4 -76419246.3
FABRICA TECID-RT FTRX1 BZ 66603695.4 -76419246.3
FER HAGA-PREF HAGA4 BZ 18439489.1 -40509835.2
FERRAGENS HAGA HAGAON BZ 18439489.1 -40509835.2
FERRAGENS HAGA-P HAGAPN BZ 18439489.1 -40509835.2
FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378
GRADIENTE ELETR IGBON BZ 381918698 -32078427.7
GRADIENTE EL-PRA IGBAN BZ 381918698 -32078427.7
GRADIENTE EL-PRB IGBBN BZ 381918698 -32078427.7
GRADIENTE EL-PRC IGBCN BZ 381918698 -32078427.7
GRADIENTE-PREF A IGBR5 BZ 381918698 -32078427.7
GRADIENTE-PREF B IGBR6 BZ 381918698 -32078427.7
GRADIENTE-PREF C IGBR7 BZ 381918698 -32078427.7
HAGA HAGA3 BZ 18439489.1 -40509835.2
HOTEIS OTHON SA HOOT3 BZ 227388586 -68129377.9
HOTEIS OTHON SA HOTHON BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOOT4 BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOTHPN BZ 227388586 -68129377.9
IGB ELETRONICA IGBR3 BZ 381918698 -32078427.7
IGUACU CAFE IGUA3 BZ 224229556 -68866571
IGUACU CAFE IGCSON BZ 224229556 -6886657
IGUACU CAFE IGUCF US 224229556 -68866571
IGUACU CAFE-PR A IGUA5 BZ 224229556 -68866571
IGUACU CAFE-PR A IGCSAN BZ 224229556 -68866571
IGUACU CAFE-PR A IGUAF US 224229556 -68866571
IGUACU CAFE-PR B IGUA6 BZ 224229556 -68866571
IGUACU CAFE-PR B IGCSBN BZ 224229556 -68866571
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
INVERS ELEC BUEN IEBAA AR 260343959 -14950013.8
INVERS ELEC BUEN IEBAB AR 260343959 -14950013.8
INVERS ELEC BUEN IEBA AR 260343959 -14950013.8
LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
LAEP INVESTMENTS LEAP LX 222902269 -255311026
LAEP-BDR MILK33 BZ 222902269 -255311026
LAEP-BDR MILK11 BZ 222902269 -255311026
LATTENO FOOD COR LATF US 14423532 -3506007
LOJAS ARAPUA LOAR3 BZ 38302784.1 -3417423475
LOJAS ARAPUA LOARON BZ 38302784.1 -3417423475
LOJAS ARAPUA-GDR 3429T US 38302784.1 -3417423475
LOJAS ARAPUA-GDR LJPSF US 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOAR4 BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOARPN BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF 52353Z US 38302784.1 -3417423475
LUPATECH SA LUPA3 BZ 665993697 -188699451
LUPATECH SA LUPAF US 665993697 -188699451
LUPATECH SA -RCT LUPA9 BZ 665993697 -188699451
LUPATECH SA-ADR LUPAY US 665993697 -188699451
LUPATECH SA-RT LUPA11 BZ 665993697 -188699451
LUPATECH SA-RTS LUPA1 BZ 665993697 -188699451
MANGELS INDL MGEL3 BZ 223698552 -29148696.3
MANGELS INDL SA MISAON BZ 223698552 -29148696.3
MANGELS INDL-PRF MGIRF US 223698552 -29148696.3
MANGELS INDL-PRF MGEL4 BZ 223698552 -29148696.3
MANGELS INDL-PRF MISAPN BZ 223698552 -29148696.3
MINUPAR MNPR3 BZ 115960018 -93783465.1
MINUPAR SA MNPRON BZ 115960018 -93783465.1
MINUPAR SA-PREF MNPRPN BZ 115960018 -93783465.1
MINUPAR-PREF MNPR4 BZ 115960018 -93783465.1
MINUPAR-RCT 9314634Q BZ 115960018 -93783465.1
MINUPAR-RCT 0599564D BZ 115960018 -93783465.1
MINUPAR-RCT MNPR9 BZ 115960018 -93783465.1
MINUPAR-RT 9314542Q BZ 115960018 -93783465.1
MINUPAR-RT 0599562D BZ 115960018 -93783465.1
MINUPAR-RTS MNPR1 BZ 115960018 -93783465.1
NORDON MET NORD3 BZ 11025606.1 -32196764.5
NORDON METAL NORDON BZ 11025606.1 -32196764.5
NORDON MET-RTS NORD1 BZ 11025606.1 -32196764.5
NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526
NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526
NOVA AMERICA SA NOVAON BZ 21287488.9 -183535526
NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4B BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVAPN BZ 21287488.9 -183535526
NOVA AMERICA-PRF 1NOVPN BZ 21287488.9 -183535526
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
PET MANG-RECEIPT 0229292Q BZ 155768607 -254677565
PET MANG-RECEIPT 0229296Q BZ 155768607 -254677565
PET MANG-RECEIPT RPMG9 BZ 155768607 -254677565
PET MANG-RECEIPT RPMG10 BZ 155768607 -254677565
PET MANG-RIGHTS 3678565Q BZ 155768607 -254677565
PET MANG-RIGHTS 3678569Q BZ 155768607 -254677565
PET MANG-RT 4115360Q BZ 155768607 -254677565
PET MANG-RT 4115364Q BZ 155768607 -254677565
PET MANG-RT 0229249Q BZ 155768607 -254677565
PET MANG-RT 0229268Q BZ 155768607 -254677565
PET MANG-RT RPMG2 BZ 155768607 -254677565
PET MANG-RT 0848424D BZ 155768607 -254677565
PET MANG-RTS RPMG1 BZ 155768607 -254677565
PET MANGUINH-PRF RPMG4 BZ 155768607 -254677565
PETRO MANGUINHOS RPMG3 BZ 155768607 -254677565
PETRO MANGUINHOS MANGON BZ 155768607 -254677565
PETRO MANGUIN-PF MANGPN BZ 155768607 -254677565
PETROLERA DEL CO PSUR AR 66017869 -5551136.01
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 23402631.8 -5029378.21
PUYEHUE RIGHT PUYEHUOS CI 23402631.8 -5029378.21
RECRUSUL RCSL3 BZ 42021562 -18866127
RECRUSUL - RCT 4529789Q BZ 42021562 -18866127
RECRUSUL - RCT 4529793Q BZ 42021562 -18866127
RECRUSUL - RCT 0163582D BZ 42021562 -18866127
RECRUSUL - RCT 0163583D BZ 42021562 -18866127
RECRUSUL - RCT 0614675D BZ 42021562 -18866127
RECRUSUL - RCT 0614676D BZ 42021562 -18866127
RECRUSUL - RCT RCSL10 BZ 42021562 -18866127
RECRUSUL - RT 4529781Q BZ 42021562 -18866127
RECRUSUL - RT 4529785Q BZ 42021562 -18866127
RECRUSUL - RT 0163579D BZ 42021562 -18866127
RECRUSUL - RT 0163580D BZ 42021562 -18866127
RECRUSUL - RT 0614673D BZ 42021562 -18866127
RECRUSUL - RT 0614674D BZ 42021562 -18866127
RECRUSUL SA RESLON BZ 42021562 -18866127
RECRUSUL SA-PREF RESLPN BZ 42021562 -18866127
RECRUSUL SA-RCT RCSL9 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL1 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL2 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL11 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL12 BZ 42021562 -18866127
RECRUSUL-PREF RCSL4 BZ 42021562 -18866127
REDE EMP ENE ELE ELCA4 BZ 1059986022 -76183286
REDE EMP ENE ELE ELCA3 BZ 1059986022 -76183286
REDE EMPRESAS-PR REDE4 BZ 1059986022 -76183286
REDE ENERGIA SA REDE3 BZ 1059986022 -76183286
REDE ENERG-UNIT REDE11 BZ 1059986022 -76183286
REDE ENER-RCT 3907731Q BZ 1059986022 -76183286
REDE ENER-RCT REDE9 BZ 1059986022 -76183286
REDE ENER-RCT REDE10 BZ 1059986022 -76183286
REDE ENER-RT 3907727Q BZ 1059986022 -76183286
REDE ENER-RT REDE1 BZ 1059986022 -76183286
REDE ENER-RT REDE2 BZ 1059986022 -76183286
REII INC REIC US 14423532 -3506007
RENAUXVIEW SA TXRX3 BZ 56213385.5 -85196762.8
RENAUXVIEW SA-PF TXRX4 BZ 56213385.5 -85196762.8
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANESALTO SNST3 BZ 21873314.7 -5053458.96
SANSUY SNSY3 BZ 189305928 -145401613
SANSUY SA SNSYON BZ 189305928 -145401613
SANSUY SA-PREF A SNSYAN BZ 189305928 -145401613
SANSUY SA-PREF B SNSYBN BZ 189305928 -145401613
SANSUY-PREF A SNSY5 BZ 189305928 -145401613
SANSUY-PREF B SNSY6 BZ 189305928 -145401613
SAUIPE PSEG3 BZ 14685534.1 -4799640.46
SAUIPE SA PSEGON BZ 14685534.1 -4799640.46
SAUIPE SA-PREF PSEGPN BZ 14685534.1 -4799640.46
SAUIPE-PREF PSEG4 BZ 14685534.1 -4799640.46
SCHLOSSER SCLO3 BZ 51944742.3 -56657680.1
SCHLOSSER SA SCHON BZ 51944742.3 -56657680.1
SCHLOSSER SA-PRF SCHPN BZ 51944742.3 -56657680.1
SCHLOSSER-PREF SCLO4 BZ 51944742.3 -56657680.1
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
STAROUP SA STARON BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
STEEL - RCT ORD STLB9 BZ 10519766.1 -18449684.9
STEEL - RT STLB1 BZ 10519766.1 -18449684.9
TEKA TKTQF US 375873311 -389045810
TEKA TEKA3 BZ 375873311 -389045810
TEKA TEKAON BZ 375873311 -389045810
TEKA-ADR TEKAY US 375873311 -389045810
TEKA-ADR TKTPY US 375873311 -389045810
TEKA-ADR TKTQY US 375873311 -389045810
TEKA-PREF TKTPF US 375873311 -389045810
TEKA-PREF TEKA4 BZ 375873311 -389045810
TEKA-PREF TEKAPN BZ 375873311 -389045810
TEKA-RCT TEKA9 BZ 375873311 -389045810
TEKA-RCT TEKA10 BZ 375873311 -389045810
TEKA-RTS TEKA1 BZ 375873311 -389045810
TEKA-RTS TEKA2 BZ 375873311 -389045810
TEXTEIS RENA-RCT TXRX9 BZ 56213385.5 -85196762.8
TEXTEIS RENA-RCT TXRX10 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX1 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX2 BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXON BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXPN BZ 56213385.5 -85196762.8
VARIG PART EM SE VPSC3 BZ 83017828 -495721697
VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357
VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357
VARIG PART EM-PR VPSC4 BZ 83017828 -495721697
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
VULCABRAS AZALEI VULC3 BZ 602662162 -27406558
VULCABRAS AZ-PRF VULC4 BZ 602662162 -27406558
VULCABRAS SA VULCON BZ 602662162 -27406558
VULCABRAS SA-PRF VULCPN BZ 602662162 -27406558
VULCABRAS-RCT 0893211D BZ 602662162 -27406558
VULCABRAS-RCT VULC9 BZ 602662162 -27406558
VULCABRAS-REC PR VULC10 BZ 602662162 -27406558
VULCABRAS-RECEIP 0853207D BZ 602662162 -27406558
VULCABRAS-RIGHT 0853205D BZ 602662162 -27406558
VULCABRAS-RIGHT VULC2 BZ 602662162 -27406558
VULCABRAS-RT PRF VULC11 BZ 602662162 -27406558
VULCABRAS-RTS 0893207D BZ 602662162 -27406558
VULCABRAS-RTS VULC1 BZ 602662162 -27406558
WETZEL SA MWET3 BZ 96094336.6 -4635219.98
WETZEL SA MWELON BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWET4 BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWELPN BZ 96094336.6 -4635219.98
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.
Copyright 2014. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *